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JOINT DEMAND: Demand for two or more commodities that are either complements-in-consumption or complements-in-production. Joint demand results because two or more commodities are used together either to satisfy wants and needs or to produce goods and services. Because the commodities are used jointly, the demand for one good is necessarily based on the use and availability of another good. If, for example, you enjoy milk and brownies as complements-in-consumption, but the bakery is out of brownies, then your demand for milk is also likely to decline.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 14 of 17

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  • The opportunity cost of a college education.
  • Why explicit, out-of-pocket payments are only part of the opportunity cost of an education.
  • The importance of implicit opportunity costs, such as foregone earnings or foregone satisfaction, to the total cost of an education.
  • Why some college costs, such as room and board, are not opportunity costs or an education.

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SEIGNIORAGE

The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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